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“JAH, guide and protect us, When we’re wrong, please correct us”

– Bob Marley & the Wailers, Hight Tide or Low Tide

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The other day my good Sister from another mother, Khadijah Adams, asked me to review a NFT project she and her partner were creating for a new business venture in Jamaica – The Resort at Westmoreland. I opened the file on my mobile, and I saw what appeared to be a digital coupon or gift certificate. The intent is to sell a limited number of the same certificate, with the only notable change to each NFT being the number printed on the bottom right hand corner.

So I responded to Khadijah, by stating I wasn’t sure how the proposed NFT was an actual Non-Fungible Token. I have always understood “Fungible” to mean sameness or lack of uniqueness, to imply equal value between the assets. If each of the X amount of certificates being offered utilize the same artwork, besides the difference of the consecutive #s of the NFT, and the same benefits, than what makes this NFT “Non-Fungible”? The only difference between dollar bills of equal value are the serial numbers placed on them by the US Treasury Department. That doesn’t make dollar bills NFTs. I then recommended that the artwork should be altered in some way for all of the certificates issued so no two would be exactly the same, creating difference or Non-Fungibility.

Khadijah, who became somewhat concerned at my analysis, put me in touch with Ms. Carmen Toal, her partner who took the time to explain to me that the artwork would remain the same for all NFTs with the consecutive numbering increasing until the limit of issuance was achieved. There would be a smart contract attached to each NFT and it was being built on the Solana network to save costs for minting. Once minted and sold the ownership would be recorded on the blockchain. She explained that the ultimate utility was to provide for redemption of the 4 night accommodation package at The Resort at Westmoreland.

For all my securities and fintech experience, I just wasn’t comprehending. It was also 1:30 am to my defense. But ultimately, Carmen was correct and the proposed artwork is a NFT. She explaining the reason each copy of the artwork is deemed “non-fungible” is because no two people can possess the same piece of art with the same designation. It isn’t necessarily the image or the artwork that is unique; it is the coding that identifies the piece and makes it completely unique as a NFT.

At the same time I did some of my own research and I came to find that, “Most platforms allow you to create an unlimited number of NFTs. However, you should think through how many editions of the same NFT you want to issue:

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1-of-1 Issuance. You only issue one copy of the NFT, which makes it more valuable. Think Mona Lisa – there are many copies of the painting, but there is only one original piece hanging in Louvre. Please see Rastaman NFTs to the right for more uniqueness, although the spliff remains a constant trait.

Edition Issuance. You issue many copies of the same NFT. Think of it like releasing a merch drop where you have a limited amount of the same hoodie to create scarcity and hype. So it follows that the same artwork can serve as a limited Edition or Collection. Topps can mint or issue one Jacob deGrom NFT card or it can issue10,000 NFTs of the same picture, the only issue this creates is one of value based on supply, demand, and player performance.

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This finally all resonated with me at 2 am in the morning after running through all these mental gymnastics with Carmen. At the end of the day we came to the same conclusion and now we are all on the same page pushing the project forward. So I am happy to report that even an old dog (or old lion as the case may be) can learn new tricks. I give thanks for the guidance, correction and enlightenment. Jah Blessings my friends.

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